Redsn0w and Sn0wbreeze takes a lot of time. Greenposion is much better but it was last updated for iOS 4.2.1 jailbreak. Most of the times we have to use Redsn0w for latest firmware jailbreak.

Seems like iPhone Dev Team has noticed this situation and tried to overcome it. The team has released an updated version of their tool. Redsn0w 0.9.9 is now 60% faster then the previous releases and will serve same performance in the upcoming versions. They have optimized the process time from 210 to 80 seconds roughly.

After some feedback on reddit, we’ve decided to make the initial jailbreak as quick as possible by no longer “stashing” the applications by default during the redsn0w run. This reduces the time to actually perform the jailbreak from 210 seconds to 80 seconds (60 percent!). However, you make up for much of that the first time you launch Cydia, which will then want to stash the applications. You can choose whether you want redsn0w or Cydia to stash in the Preferences pane.

Current version is a tethered jailbreak solution for iOS 5 on iPhone 4, iPhone 3GS, iPad 1, iPod Touch 3G and iPod Touch 4G. Its is neither an untethered version nor it provides jailbreak for iPad 2 and iPhone 4S.